camcrazy08
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I was a part of something like this recently in my finance class. The timeframe we used was three months (roughly one semester). This was a good amount of time, as it didn't get boring or tedious, and kept the excitement of the challenge. |
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qman
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That's a good idea, except it doesn't teach much about risk. I would be afraid that they would put the money in high risk investments since they have nothing to lose. I tend to take the approach where I'll match my children's' savings given that they keep it invested for a certain amount of time. That way they have some of their own capital vested and will tend not to gamble it away. |
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arrogant
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Since the currency you used is Euros or pounds, try watching the Apprentice (UK version). Sir Alan had several tasks that involved low amounts of money and they might give you some ideas for them. |
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aaandh
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depending on what you are thinking i would say about 6 months might be a good time frame. If they choose the stock market or a savings account 6 months should give them time to increase (or decrease) that amount to a noticeable size. |
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George_
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Obviously it depends on how old they are. I would buy them some shares in a blue chip company. You could ask them what product out of the ones they use they really like and look at those companies. Or else, what item do they enjoy using, what would they buy more if they could? What store do they like most in the mall? Buy them the company. |
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:)) :| ((:
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I think that is a very good idea,would be interesting to see what happens! |
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Keep On Trucking
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You'd need to make very clear that the 500 pounds is not theirs. It's basically a loan. But they can use it however they want and can keep all the interest.
I'd also definitely include a few books on investing with the money. Consider "Rich Dad, Poor Dad" by Robert Kiyosaki and "The Total Money Makeover" by Dave Ramsey.
Keep them interested by being actively involved in the challenge, yourself. Maybe take "field trips" to successful businesses or financial seminars and show them how money really works. |
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Sunny on the inside
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Try 12 months, it's not like it's gonna cost much in interest - lol - plus it gives them a chance to make a decent profit if they work at it. Alternatively you could check out their net worth at the end of each month and declare a winner if one has double the other's? Try putting a bonus up for the winner, extra few quid or a weekend away? |
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ellie
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How old are they? Its not really much fun for christmas is it? Id do that for their birthdays or somethin chrimbo is about fun |
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PlayaAdam
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If they are old enough, have them write some sort of paper about why they are doing what they are doing with the money, otherwise you just got some game going on and they could get a good or bad picture of any particular market for life.
Review the papers with each child seperately and pay them the same for the paper, do another at the end about what they learned. In the end give them a set and equal amount of money each for participating. |
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datgirl88
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That is an AWESOME idea!!!!
I would give them about 18 months. That way if they decide to invest in a 1-yr CD, it would have time to mature (plus they would have time to get it in & out of the bank).
As far as keeping them interested, Make comments all year about, "if you had enough money, you could have your OWN.....whatever"
Excellent strategy! |
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Ian M
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Good to see the true meaning of Christmas is alive and well. Must be a riot at your house for Christmas dinner. A little sixpence in the dumpling wrapped in a list of commodities. Wow! |
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tammynaylor04
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you could get them to buy stock and sell there items on www.jtbids.com as the fees are low they make more profit and the basic listings are free |
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Serge M
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It is an interesting idea but you don't provide enough information. How old are they? It makes a big difference in your scheme.
If you want them to learn about investing, the amount is too small and limits their options. What kind of guidance do you give them? What are the rules? What would you do if one of them gambles it on a roll of dice and doubles the money or loses it all, while the other puts it in a savings account? Also you seem to treat the amount as a loan. What if one of them invests in a few shares of stock and the investment declines in value? Do they owe you the difference? It seems you have not thought this through carefully enough.
As for the time constraint, it again depends on their age. If they are in their early teens, the time should be not more than 2-3 months. In later teens a little longer. If they are adults, give them at least a year. |
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thomas
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I have to say, I'd be pretty disappointed if my parents told me that my Christmas present was going to be an amount of money that I couldn't even use...other than to invest it and try to make a profit with it from that point. Not only because I would expect a better present for the holidays, but also because I believe Christmas is about relaxing with your family and friends and enjoying each other's company. Not handing out assignments and tasks to teach children how difficult it is in the real world to earn their own keep. Christmas is a magical time for children, let them appreciate it while they still can.
I do believe, however, that teaching children the value of money at an early age is a very important step in saving the economy of our future. I think your heart is in the right place, but by using the technique you just described, the only thing we have to look forward to in the next generation is people who know how to be stingy at Christmas. |
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Shirl
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You want to teach your children the value of money right? well why not set them the ultimate challenge of working for their money ie: like helping around the house with chores etc and every week put the money into an account do that by the end of the year they will have earned their £500 |
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CAT
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Have no idea what you just asked...what's a "prezzie"?? English would be great here. |
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